Alphabet’s life sciences unit Verily raises $1b in Silver Lake-led round

One of Verily's projects is a Smart Lens Program. Photo: Verily website

Verily, Alphabet Inc’s life sciences division, on Thursday announced a $1 billion investment round led by private equity firm Silver Lake.

Alphabet Chief Financial Officer Ruth Porat and Silver Lake Managing Director Egon Durban will be nominated to Verily’s operating board, the company said.

Verily’s existing board members include Chief Executive Andrew Conrad, Alphabet executives Larry Page, Sergey Brin and David Drummond and Temasek senior managing director Fidah Alsagoff, a company spokeswoman said.

Ontario Teachers’ Pension Plan was among the new investors in the latest round.

Verily, which was previously part of Google’s research and development unit, received an $800 million investment from Singapore state investor Temasek in 2017.

Verily said the new fund would support its investments, including in potential acquisitions and partnerships, and would advance its strategies that are complementary to its current portfolio.

The company has tied up with several pharma companies on projects that range from research on surgical robots to developing the retina scan technology for early detection of some eye diseases.

Verily did not disclose the financial terms of the latest investment round.

Goldman Sachs and Co LLC acted as financial adviser to the company.

Reuters

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.